Barclays has launched a zero deposit mortgage deal for first-time buyers, with the proviso that their parents save 10% of the purchase price with the bank for a period of three years.
The account pays annual interest of 2%, providing the child’s mortgage payments are up to date.
Just over a third of potential first-time buyers ask their parents for help in getting a mortgage, according to research by Barclays. This deal allows parents to get a return on their money of 1.5% above the bank rate, while the mortgage is offered at a fixed-rate of 2.99%.
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